6 stocks rose on TTSE – Tuesday

Witco had the largest dollar trade on the TTSE on Tuesday.

Witco had the largest dollar trade on the TTSE on Tuesday.

Trading on the Trinidad and Tobago Exchange ended on Tuesday with West Indian Tobacco having the largest dollar trade at $3.7 million. Elsewhere, trading ended with 14 securities changing hands, up from 7 on Monday.
Trading activity closed with 6 stocks rising while 4 declined and 4 remained unchanged as 571,256 shares valued at $5,404,483 changed hands, compared to 153,635 shares valued at $1,497,555 on Monday. Two stocks closed at new 52 weeks’ high.
The market closed with positive movements in two of the indices with the the Composite Index advancing by 3.81 points to close at 1,172.26. The All T&T Index closed with a gain of 0.65 points to 1,805.44, down 7.34 percent for 2016 and the Cross Listed Index fell 0.95 points to 71.94 points and is up 45.30 percent year to date.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 6 stocks with bids higher than their last selling prices and 7 with lower offers.
Gains| Clico Investment Fund closed with 15,500 shares valued at $350,300 changing hands with a rise of 1 cent to $22.59, Firstcaribbean International Bank ended trading with 5,000 shares and closed with a rise of 19 cents at a 52 weeks’ high of $8, Grace Kennedy contributed 40,986 shares to close at a 52 weeks’ high of $2.65 after rising 5 cents. Point Lisas gained 10 cents and closed at $3.70 with 826 units changing hands, Prestige Holdings with 1,232 units changing hands, ended at $11.10 to record a gain of 10 cents and Scotiabank gained 5 cents and closed with 600 shares changing hands at $58.56.
Losses| Massy Holdings ended with 137 shares changing hands at $51.43 after losing 7 cents, TTSE sum 25-10-16Sagicor Financial traded 855 units and lost 20 cents to close at $7, Trinidad and Tobago NGL closed at $23.54 with 20,444 units with a value of $481,187 trading, after falling 1 cent and Trinidad Cement lost 2 cents in trading 7,898 units at $3.98.
Firm Trades| Angostura Holdings ended with 2,219 shares changing hands to close at $14.65, First Citizens traded 4,940 to close at $32, Guardian Holdings traded 7,721 shares with the price closing at $12.60 and JMMB Group closed at 85 cents with 434,803 units valued $369,582, switching ownership and West Indian Tobacco in trading 28,950 shares with a value of $3,676,650 to close $127.

Jamaican stocks gain in early trade

Trading on the Jamaica Stock Exchange continues ICI JSE int trd 25-10-16on a moderate pace on Tuesday, with all the market indices rising. Trading volume and values rose from Monday’s level, with advancing stocks beating out declining ones 4 to 1.
The all Jamaica Composite Index gained 283.24 points to 185,038.33, the Jamaica Stock Exchange Market Index grew 253.58 points to 166,498.95, the Jamaica Stock Exchange combined index climbed 403.55 points to close at 178,986.96 and the junior market index inched up 16.42 points to 2,392.46.
At 11 am, a total of 27 securities traded, resulting in a volume of 1,521,635 shares changing hands carrying a value of $7,634,987, compared to 510,894 shares changing hands carrying a value of $4,041,514, on Monday.
The average number of shares traded amounts to 56,357 units compared to 28,383 on Monday. Market activity resulted in 3 stocks falling while the prices of 12 securities rose.

Lawsuit may cost CAC $200m

Steven Marston, Chief Executive Officer

Steven Marston,
Chief Executive Officer

CAC 2000 (CAC) could be facing a $200 million charge to the 2016 financial results arising from the successful claim X-ray Diagnostics against the company.
CAC in a release to the Jamaica Stock Exchange stated that the court ruled in favour of the Claimant and awarded damages of US$372,100 and J$568,187 plus loss of profits of $7,077,874. Interest at commercial rates and legal fees were also awarded.
CAC further advised that on application, the court granted a stay of execution of 42 days and that its legal counsel is reviewing the judgment but, in the interim, the company will be providing for these amounts less the insurance amount of $20 million in the 2016 accounts.
IC Insider estimates that the company will likely be hit with a total cost of US$1 million and J$100 million before the insurance coverage when interest and legal fees are factored in.
The judgement resulted from a claim in negligence and or breach of contract as a result of a fire that occurred at the Claimant’s premises on May 11th, 2003. The Claimant prevailed at first instance in the Supreme Court with CAC appealing the judgment on account of the trial judge in the Supreme Court excluding the testimony and or report of the Company’s expert from the evidence. The Court of Appeal held that the exclusion of such evidence “created an unnecessary imbalance which was not in the interest of justice.”
CAC logo 12-15CAC reported a loss of $9 million after tax for the July 2016 quarter and profit of $31 million after tax for the nine months period, compared to $39 million for the July 2015 quarter and a profit of $71.6 million for the nine months to July 2015.
The net results came from sales revenues of $679 million for the nine months period compared to $674 million for 2015 and $198 million for the July quarter versus $259 million in 2015. The company saw a large climb in administrative cost of 42 percent for the nine months in 2016 and 57 percent for the quarter.
CAC successfully raised $120 million before cost of approximately $10 million in its initial public offering in December 2015. The stock traded traded on the junior market of the Jamaica Stock Exchange at $6.30 on Monday.

Jamaican$ holds vs US dollar – Monday

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FX_USPound The selling rate of the Jamaican dollar closed unchanged on Monday as dealers bought the equivalent of US$66,732,742 of all currencies, and sold US$47,361,025, compared to US$62,281,233 purchased and US$50,300,502 sold on Friday.
In US dollar trading, dealers bought US$63,006,330 compared to US$57,960,736 on Friday. The buying rate for the US dollar fell 7 cents to close at $128.70. A total of US$44,536,359 was sold versus US$48,096,845 on Friday, with the selling rate remaining at $129.19. The Canadian dollar buying rate dropped 81 cents to $94.90, ICI FX sum 24-10-16with dealers buying C$2,442,115 and selling C$1,709,029 at an average rate that rose 15 cents to $97.50. The average rate for buying the British Pound dropped 63 cents to $154.41 for the purchase of £1,505,320 while £955,498 was sold with a fall of 24 cents to end at $157.29.
At the end of trading on Monday, dealers sold €327,853 with the selling rate for the Euro, closing at $142.92 for rise of $1.66, according to data from Bank of Jamaica. Dealers purchased €101,358 of the European common currency at $134.07 after falling $2.29. The US dollar equivalent of other currencies traded, amounts to US$14,149 being bought and selling of US$8,876.
ICI FX h&l 24-10-16Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies, in the foreign exchange market on Monday, include a jump of $14.71 in the lowest buying rate for the US Dollar to $104.71. The lowest buying rate for the Canadian dollar declined $1.37 to $77.31, the highest selling rate fell $1.78 to $100.60. The highest buying rate for the British Pound surged $7.95 to $166. Trading in the Euro resulted in a fall of $1.50 in the highest buying rate to $138, the lowest buying rate dipped $1.24 to $112.30 and the highest selling rate fell $1.36 to $146.38.

BOJ intervenes in rigged foreign exchange market

BOJ 3Bank of Jamaica intervened in the rigged foreign exchange market on Friday by selling US$30 million to authorised dealers and cambios, the sale did not prevent the value of the Jamaican dollar from slipping 4 Jamaican cents to end at an average of $129.19 to US$1 as US$58 million was bought by dealers and US$48 million was sold to end users.
Jamaica’s foreign exchange market has been rigged by dealers since July this year as inflows to the market exceeded demand by end users by a wide margin. The central bank in said in a release on the intervention on Friday, “In response to an unwarranted and disruptive movement in the exchange rate over the past few days, Bank of Jamaica today intervened in the market by selling the funds into the market. The intervention is intended to reassure users of foreign exchange that the Bank is standing behind the preservation of orderly conditions in the market.”
“During the week of October 24, the Bank will formally give notice to holders of specified BOJ foreign-currency-denominated certificates of deposit that these instruments will be redeemed prior to their original maturity dates. The total value of these securities amounts to US$258 million. The early redemption of these CDs will add significantly to the volume of US dollar liquidity available to institutions and individuals.”
Concomitant with the decision to release funds into the market from CDs, the central also announced elsewhere fresh issues of CDs for investors to purchase.

Jamaican stocks mostly fall – Monday

Scotia Group traded 1.18 million shares on Monday

Scotia Group traded 1.18 million shares on Monday

The main market indices of the Jamaica Stock Exchange declined again on Monday with the all Jamaica Composite Index jumping 1,273.92 points to 184,755.09. The JSE Market Index climbed 1,139.12 points to finish at 166,245.69 and the JSE combined index gained 1,099.99 points to end at 178,583.41 and gained at 13 percent for the year to date.
At the close 14,409,476 units valued at $129,902,890 changed hands, compared to 17,656,211 units valued at $101,436,212 changing hands on Friday. The junior market accounted for 6,697,473 units trading valued at $36,505,806 of the stocks traded.
The average trade for the day in the main market ended at 321333 units, compared to an average for the month to date of 402,684 units. On Friday, an average of 871,081 units traded with the average for the month to date at 484,035.
The market closed with 43 securities trading as the prices of 13 gained while 16 declined in the overall market, including 6 stocks rising and 6 falling, in the junior market.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the ICI -JSE sum -24-10-16Investor’s Choice bid-offer indicator reading shows 13 stocks with bids higher than their last selling prices and 5 with lower offers.
In market activity, Barita Investments gained 1 cent in trading 446,721 shares to end at $4.41, Cable & Wireless lost 5 cents closed at 85 cents with 218,904 units trading, Caribbean Cement traded 19,296 shares and gained 6 cents to close at $31.56, Carreras closed at $66 with 3,000 units changing hands. Grace Kennedy closed trading with 90,024 shares changing hands at $41.99, Jamaica Broilers closed at $14.75 after easing 1 cent, with 283,408 shares switching owners. Jamaica Producers fell 1 cent to $8.29 with 435,508 units trading, Jamaica Stock Exchange lost 58 cents and ended at $27.39 while trading 1,000 shares, JMMB Group gained 16 cents in trading 291,976 units to close at $13.66. Kingston Wharves traded 34,845 shares to close at $17, Mayberry Investments ended with 662,483 shares trading at $3.85, National Commercial Bank traded 105,250 shares to close with a fall of 16 cents at $43.33, Student Living closed at $4.71 while trading 43,800 shares and gained 1 cents.ICI -JSE fn Qts -24-10-16 Pan Jamaican Investments gained 1 cent and closed at $22.56 after trading 84,165 shares, Portland JSX traded 549,651 units with the price falling 6 cents to $11.04, Pulse Investments traded 20,000 shares and lost 60 cents to close at $3.30, Radio Jamaica traded 400,000 units and gained 5 cents to end at $1.40. Sagicor Group had 48,361 shares changing hands and closed with a fall of 45 cents at $22.55, Scotia Group rose 2 cents and closed at $30.04 with 1,179,017 shares changing hands. Scotia Investments dropped $2.91 with 28,735 units changing hands to close at $31.04. Seprod had 18,853 units changing hands to close at $24.60, Sterling Investments lost 1 cents in trading 38,000 shares to close at $14.99, Supreme Ventures traded 2,215,656 shares buy fell 2 cents to close at $4.50 after the company’s Chief Executive passed over the week end and Proven Investments traded 150,800 units at 18 US cents after rising 1.5 cents.

Juniors’ volume jumps 2,755% – Monday

Cargo Handlers traded at a new all-time high of $10.

Cargo Handlers traded at a new all-time high of $10.

Trading volume on the junior market of the Jamaica Stock Exchange rose sharply on Monday as 19 securities were active. Volume traded surged 2,755 percent from Friday’s levels, ending with a 6,697,473 units changing hands, while value traded, leapt 2,495 percent to $36,505,806 from $1,406,575, on Friday.
Victoria Mutual Wealth Management was involved in a series of large volume of crossed trades that helped in a major way to boost the level of trading.
An average of 352,499 units with an average value of $1,921,358 traded, compared to 18,046 units with an average value of $108,198 on the preceding trading day. The average for the month to date, amounts to 151,789 units at $836,063.
At the close of the market on 18 securities traded, versus 13 on Friday resulting in 6 stocks advancing and 6 declining stocks as 1 stock hit a new high. The market index rose 4.24 points to 2,376.04 to be up 33 percent for the year to date.
ICI Jm sum 24-10-16Market activities ended with 5 securities closing with bids higher than their last selling prices and 2 ending with lower offers.
In trading activity, Blue Power ended at $24.50 with 5,300 units changing hands, CAC 2000 traded 1,183,488 units at $6.30, Cargo Handlers finally traded after the 10 for 1 stock split and hit a new high of $10 as 7,000 shares traded. Caribbean Cream rose 1 cent and ended with 459,592 shares changing hands at $7.01, Caribbean Producers gained by 5 cents in trading 443,187 units to end at $3.75, C2W Music traded 29,357 shares to close at 25 cents. Consolidated Bakeries had 144,528 units changing hands, with the price declining 1 cent to end at $2.59. Dolphin Cove had 164,564 units changing hands, with the price ending at $12.21 after rising 16 cents, General Accident lost 20 cents and closed trading with 1,441,893 units at $2.60, Honey Bun with 102,499 shares changing hands, closed at $5.62. ISP Finance traded 24,623 units at $7.03,ICI Jm trd sht 24-10-16 Jetcon Corporation ended with 54,796 shares trading at $4.20. Knutsford Express ended at $23 with 8,500 shares changing hands, Lasco Distributors traded 250,864 units trading with a loss of 16 cents at $6.83, Lasco Financial lost 1 cent and ended with 99,572 shares changing hands at $3.09, Lasco Manufacturing rose 7 cents and closed at $4.86 with 9,123 shares trading. Medical Disposables rose 40 cents to close at $5 with 1,335,514 shares changing hands, Paramount Trading lost 12 cents to close at $23.88 with 113,273 shares changing hands and Eppley 9.5% preference share, traded 819,800 units and fell 14 cents to $6.16.

More recovery for First Citizens – Monday

First Citizens rose 50 cents on TTSE on Monday

First Citizens rose 50 cents on TTSE on Monday

First Citizens Bank was the most noted mover on Trinidad and Tobago Exchange when trading ended on Monday with the largest gain. The price recovered another 50 cents of the $3.93 it lost last week Thursday. Elsewhere trading ended with only 7 securities changing hands, down from 9 on Friday.
Trading activity closed with 3 stocks rising while 3 declined and 1 remained unchanged as 153,635 shares valued at $1,497,555 changed hands, compared to 522,024 shares valued at $1,246,175 on Friday as one stock closed at new 52 weeks’ high.
The market closed with sharp movements in the indices. The the Composite Index advanced by 1.25 points to close at 1,168.45 The All T&T Index closed with a gain of 2.73 points to 1,804.78, down 7.52 percent for 2016 and the Cross Listed Index fell 0.04 points to 70.99 points and is up 43.47 percent year to date.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator ended with 9 stocks with bids higher than their last selling prices and 8 with lower offers.
Gains| First Citizens gained 50 cents to close at $32 with 3,512 units trading, JMMB Group gained 3 closed at a 52 weeks’ high of 85 cents with 101,000 units, switching ownership and National Enterprises ended TTSE sum 24-10-16with 2,000 shares changing hands with the price closing with a gain of 5 cents at $10.25.
Losses| Clico Investment Fund closed with 42,110 shares valued at $951,273 changing hands with a loss of 1 cent at $22.59, Sagicor Financial Corporation traded 855 units and lost 20 cents to close at $7 and West Indian Tobacco traded 2,500 shares to close $127 after shedding 5 cents.
Firm Trades| Grace Kennedy contributed 1,658 shares to close at $2.60.

JSE majors rise in early trading

Trading on the Jamaica Stock Exchange is off to a modest start on Monday with the main market rising slightly while the junior market inched up by a few points.ICI JSE int trd 24-10-16 Trading volume and values fell from Friday’s level, with advancing stocks being beating declining ones.
The all Jamaica Composite Index gained 243.28 points to 183,724.45 the Jamaica Stock Exchange Market Index grew 217.54 points to 165,324.11, the Jamaica Stock Exchange combined index climbed 253.32 points to close at 177,736.74 and the junior market index inched up 5.02 points to 2,376.82.
At 10.45 am, a total of 18 securities traded, resulting in a volume of 510,894 shares changing hands carrying a value of $4,041,514, compared to 1,743,200 shares changing hands carrying a value of $7,392,869, on Friday.
The average number of shares traded amounts to 28,383 units compared to 69,728 on Friday. Market activity resulted in 7 stocks falling while the prices of 6 securities rose.
In trading activity, Cargo Handlers traded 2,000 units at a new all-time high of $10 while Cable & Wireless lost 2 cents in trading 116,146 shares, JMMB Group traded 250,486 units at $12.51 after falling 99 cents and Mayberry Investments exchanged 62,483 units at $3.70.

Paramount corrects split error

Hugh GrahamMentors are supposed to advice and guide junior market companies’ directors in the ways of the securities market as well as other business related issues to help steer them in areas they may not be familiar with. Mentorship was wisely assessed to be needed for the smaller companies, many of whom were not being governed to the more rigorous manner that their main market neighbours are.
Directors should aide and guide management in the right direction. Ideally, management and directors should strive to work together to achieve the objectives desired. Chairmen have a major role to play to ensuring things are navigated properly. When the JSE board approved a stock split and management posted the notice that the board approved the split which was to have been effected without shareholders’ approval, the Chairmen must take a big part of the blame for the error. All the details of such an issue should have been sorted before the board meeting, with Chairman being fully and properly informed and thus ensure that it was done properly. Finally, the board should have determined and agreed when the shareholders meeting was to be held to approve the split. PTL All buidTheir failure of the board to do their work properly cannot be placed solely at the feet of the executives.
This brings up the Paramount Trading stock split. The stock exchange rules require that all listed companies must advise the exchange at least 7 days before a meeting of directors is to be held at which a distribution or change in the share capital of the company is to be considered and shortly after the meeting is held advise of the result of the deliberation. Pan Jam’s board, in agreeing to a stock split earlier this year failed to inform the stock exchange in accordance with the rules, was hauled over the coals by the exchange, for failure to comply. Note is also taken that Palace approved a dividend but there was no notice on the JSE website about the meeting at which the proposal was to be considered.
The Board of Directors of Paramount Trading failed to follow the rules of the exchange regarding their decision to recommend the subdivision of stock units which was an item for shareholders to consider at the Company’s Annual General Meeting (AGM) which is due to be held on Saturday, 29 October. IC Insider contacted the company to find out the reason for failing to follow the regulated procedure and was advised that the JSE informed them in writing that they did was in order. Contact with the JSE by IC Insider triggered a response that the matter would be investigated.
On Friday the company posted a release which the error. The release in part states that at the AGM that on the list of resolutions is a proposed sub-division of shares, for consideration by the shareholders.
The proposed resolution is set out in the notice of AGM as follows:“SUB-DIVISION OF SHARE CAPITAL
To sub-divide each ordinary stock unit in the capital of the Company into such number of stock units as may be prescribed by the Board: “THAT each of the issued ordinary stock units in the capital of the Company be sub-divided in accordance with the Articles of Incorporation of the Company, into such number of stock units as may be prescribed by the Board of Directors.”
“In connection with the above resolution, please be advised that the Board of the Company shall hold a meeting on Saturday, 29 October to consider and approve the sub-division pending shareholders’ approval of the said resolution.”

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